There is yet another Down Payment Assistance program in GA that many people are not aware of. It's the USDA's Guaranteed Loan Program and offers 100% financing in rural development areas. Before you dismiss rural development, check it out. It's not necessarily out in the "sticks" and not that far from metro Atlanta, GA.
The Housing and Community Facilities Programs guarantees loans made by private sector lenders. (A loan guarantee through HCFP means that, should the individual borrower default on the loan, HCFP will pay the private lender for the loan.) The individual works with the private lender and makes his or her payments to that lender. Contact me for a recommended lender.
I have a client that has excellent credit, a 788 credit score and a good paying job. Due to an injury, he was out on disability from his job for a couple of months and depleted a lot of his savings. He wants to buy a home, but didn't have the money to put down. I suggested we look at HUD homes where the buyer only needs to put $100 down, instead of the typical 3.5% minimum. (Buyers still need to come up with closing costs and money for appraisal and inspections.) There weren't a lot of HUD owned foreclosures in the area he was looking. So, I thought about the USDA program. The US Department of Agriculture has a Rural Development program where home buyers can get 100% financing.
He is now buying a home in Auburn GA in Barrow County. (That's not an area I normally work, but he was a referral from a friend. I don't usually turn down referrals.) It's less than an hour from downtown Atlanta, GA.
To see if a home you may be interested in is located in the Rural Development area, click on this link and put in the address.
There are income limits, a maximum of $73,600 for households of 1 to 4 people. To see the limits for each area in GA click here.
My listing in Franklin County is a small house on Lake Hartwell with a dock. It would qualify for this down payment assistance program.
For expert real estate advice and representation in GA contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty at 404-456-5024.
View more of the Georgia Real Estate Voice. Search Atlanta GA homes for Sale
Info on $8000 Federal Tax Credit
Info on Georgia's $1800 Tax Credit
Info on Dekalb County Down Payment Assistance
Info on Georgia Dream Down Payment Assistance
Info on the Neighborhood Stabilization Program (NSP)
Info on Buying a HUD owned Home with $100 down
Info on Making Home Buying Easier
Search for Homes in Cobb County, GA including Smyrna, Vinings, Marietta, Acworth, Powder Springs at www.HomesforSaleinCobbCounty.com.
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Realtor Jen Bowman has been featured on HGTV's My First Place, HGTV's Buying and Selling 20 Best Kept Secrets & Inman News - where real estate and technology connect. She is a proud member of Keller Williams Realty Atlanta Partners Agent Leadership Council. Jen is also a member of Keller Williams Realty Luxury Home Division, catering to luxury home buyers and sellers. Call or text 404-456-5024 today to get started buying your dream home in Dekalb or Cobb, selling your current home in Dekalb or Cobb, or learning more about an awesome career in real estate.
Programs that offer assistance to help individuals buy a home is the most positive thing that can be done to help the American people. This is a progressive method of assisting buyers of any age obtain a home.
Betty
Jen, USDA Loans are excellent programs for those that qualify. I will also be making USDA one of the Mortgages that I will be writing in my series. The information that we all can get out on loan produces like this, the more informed Borrowers will be. Great job on the blog.
Betty, There are so many programs available. Good credit and the ability to pay back the loan is still important. Thanks for commenting.
Thanks George, I appreciate it! We need to try to educate the public as much as we can. You know I'll be reading your blog too.